SEOUL, Korea, Republic Of – Global stock markets were mixed Friday as U.S. President Donald Trump’s approval of a plan to impose tough tariffs on China renewed concerns about trade friction. But the European Central Bank’s announcement that it will phase out its bond-buying stimulus and upbeat U.S. data helped bolster sentiment.

KEEPING SCORE: Britain’s FTSE 100 fell 0.6 per cent in early trading to 7,716.52, but France’s CAC 40 added 0.4 per cent to 5,549.51. Germany’s DAX inched up less than 0.1 per cent to 13,111.31. Futures augured a weak start on Wall Street. S&P futures fell 0.4 per cent while Dow futures dropped 0.5 per cent.

TARIFFS: Trump approved a plan to impose punishing tariffs on tens of billions of dollars of Chinese goods as early as Friday. The White House has yet to release a final list of products but a tentative version in April ran the technology gamut from TVs and telecoms equipment to medications and industrial chemicals. U.S. officials say the tariff hike targets goods that might benefit from Chinese theft of technology or pressure on foreign companies to hand it over in exchange for market access.

ANALYST’S TAKE: “Ultimately a negotiated solution is likely,” said Shane Oliver, head of investment strategy at AMP Capital. Even though China and the U.S. probably want to negotiate, “the risks are high and the tariffs could well be implemented before the issue is resolved.”

EUROPE: The ECB on Thursday said it would phase out by the end of the year its bond-buying stimulus for the 19 countries that use the euro. It had deployed the program in 2015 to save the region from the risk of falling prices and growth. It also said it plans to hold off on raising interest rates until at least the summer of 2019, which is longer than some investors expected.

US DATA: The data for the U.S. economy released on Thursday were encouraging. Retail sales jumped in May after shoppers spent more at home and garden stores, gas stations and restaurants. A separate report showed that fewer U.S. workers filed for unemployment claims last week than expected, an encouraging sign for the labour market.

ASIA’S DAY: Asian stocks finished mixed. Japan’s Nikkei 225 finished 0.5 per cent higher at 22,851.75 but South Korea’s Kospi retreated 0.8 per cent to 2,404.04. Hong Kong’s Hang Seng index declined 0.4 per cent to 30,309.49 while China’s Shanghai Composite Index fell 0.7 per cent to 3,021.90. Australia’s S&P-ASX 200 jumped 1.3 per cent to 6,094.00. Stocks in Taiwan were higher, while in Indonesia markets were closed for a holiday.

CURRENCIES: The dollar fell to 110.52 yen from 110.65 yen and the euro strengthened to $1.161 from $1.156.

OIL: Benchmark U.S. crude lost 14 cents to $66.75 per barrel in electronic trading on the New York Mercantile Exchange. On Thursday, it rose 25 cents to settle at $66.89 per barrel. Brent crude, the international standard, fell 66 cents to $75.28 per barrel. On Thursday, it fell 80 cents to $75.94.